Copper Agreement By Chile And U.S.
(NX. Press Association—Copyrights SANTIAGO, January 25. The Chilean and United States Governments have reached agreement on a formula aimed at settling differences over copper prices, says the Associated Press.
The two nations are among the world's largest copper producers, but have been at odds for months over a price level for the metal. Chile set the price for copper exports at 42 United States cents per lb on January 4, but the United States Government applied heavy pressure on North American copper companies to keep the price at 36 cents per lb. Chile Sales _ The new agreement calls for the sale of 90.000 tons of Chilean copper in the United States in 1966 at 36 cents per lb. The 90.000-ton figure is about equal to the amount of copper which Chile shipped to the United States last year. In return for the agreement on the part of Chile, the United States Govern-
meat had agreed to lend Chile funds for 40 years, in the form of a letter of credit to be used to finance expansion and modernisation of the Chilean copper industry.
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Press, Volume CV, Issue 30971, 29 January 1966, Page 12
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189Copper Agreement By Chile And U.S. Press, Volume CV, Issue 30971, 29 January 1966, Page 12
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